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Idea Cellular gains on Etisalat interest

By Kshitij Anand
September 7, 2010
BSE Sensex | Idea | Kshitij Anand | Reliance Communications

VIRGIN-TATATELESERVICES/Idea Cellular rose nearly 4 percent after Emirates Telecommunication Corp, the Arab world’s second-largest telecom operator by market value, said it had not ruled out investing in the company.

However, the Abu Dhabi-based operator said that it does not expect a deal with Reliance Communications in 2010.

Reliance Communication is the only major local cellular carrier without a foreign strategic investor in the world’s fastest-growing mobile market.

Shares in Idea Cellular ended 3.2 percent higher at 74.05 rupees while shares in Reliance Communications recovered from early losses and ended marginally up.

This year, Idea Cellular has kept investors happy with the counter rising over 20 percent while Reliance Communication has registered a negative return of 5 percent.

Do you think it is the right time to invest in Idea Cellular?

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